Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0492%/8h= +53.9% APRpaid last 24h +0.158%

Price spread now: Lighter against Bybit+0.142%7-day average +0.125% · you sell dearer than you buy

Net, funding: paid 7d − costs+$26as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$250.245% of the position

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.509%+$51 on $10k

Price spread, last 7 days−0.070%−$7 · spread now +0.142%, 7d avg +0.125%

Together, before fees+0.438%+ Points / potential airdropLighter: Season 3 · farm board+$44 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.125%, so right now this pair is about funding alone: +$15 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ENAUSDT	0.2116	0.0100	pay 0.0050% / 4h	3h 39m	$89.0M	$187.0M	50x
Short	Lighter ENA	0.2119	0.0592	get 0.0074% / 1h	39m 57s	$5.6M	$12.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Bybit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee BybitbpFee LighterbpOrdersPrice spread, now +0.142%Rate

Funding earned: $103.32
Price spread: +0.142% → +0.125%: $1.66
Slippage, 4 orders: −$13.51
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: $80.47
Costs to cover: 0.245%
Break-even: 1.5 days

Slippage from Bybit: live order book, 4 min ago; Lighter: live order book, 4 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Bybit live order book, 4 min ago	0.24 bp	8.4 bp −$8	17.2 bp −$172	60.1 bp −$6,013	doesn't fit
Sell Lighter live order book, 4 min ago	0.94 bp	3.4 bp −$3	6.6 bp −$66	336.8 bp −$33.7K	doesn't fit

ENA on 42 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Backpack ENA_USDC_PERP	−0.0014%	1h	0.2117	+0.066%	$377K	$417K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2116	+0.009%	$91K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2117	+0.028%	$97K	—	150x	as long as short
Orderly PERP_ENA_USDC	+0.0022%	4h	0.2116	−0.019%	$41K	$23K	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.350%	$522	$57K	5.5x	as long as short
dYdX ENA-USD	+0.0040%	1h	0.2117	+0.051%	$140K	$15K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2117	+0.047%	$62K	$524K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2117	+0.040%	$669K	$1.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2117	+0.061%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2117	+0.061%	$410K	$555K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2117	+0.052%	$131.3M	$446.3M	75x	as long as short
Bybit ENAUSDTlong	+0.0100%	4h	0.2116	long leg	$89.0M	$187.0M	50x
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2116	+0.014%	$20.7M	$109.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2117	+0.043%	$15K	$399K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2119	+0.142%	$84K	$221K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2113	−0.142%	$89K	−$0	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2116	−0.009%	$10.8M	$20.8M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2116	+0.019%	$46.3M	$44.2M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2117	+0.066%	$24.4M	$16.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2115	−0.028%	$48.0M	$61.9M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2116	−0.005%	—	$32.6M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2118	+0.096%	$3.9M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2119	+0.155%	$247K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2121	+0.214%	$355K	$4.7M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2117	+0.047%	$34K	$710K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2117	+0.038%	$179K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2067	−2.292%	$1K	$829K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2116	0.000%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2126	+0.473%	$276K	$1.4M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2116	0.000%	$1.9M	$9.4M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2118	+0.099%	$47K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2115	−0.061%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2117	+0.047%	$7K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0216%	1h	0.2118	+0.104%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0236%	1h	0.2118	+0.097%	$2.7M	$5.1M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2115	−0.026%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0264%	1h	0.2116	+0.003%	$1.6M	$4.3M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2117	+0.038%	$5.6M	$3.8M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2116	−0.008%	$1K	$5K	15x	as long as short
Lighter ENAshort	+0.0592%	1h	0.2119	+0.142%	$5.6M	$12.5M	10x
Coinbase International ENA-PERP-INTX	+0.0608%	1h	0.2120	+0.180%	$837K	$1.9M	50x	as long as short
Hyperliquid ENA	+0.0672%	1h	0.2120	+0.194%	$114.3M	$76.4M	10x	as long as short